Spread falling and banks rising allow a Business Square to limit losses to 0,14% (20.816 basis points) at the end of a negative session for most European stock exchanges: Frankfurt -0,4% Paris -0,87% London -1,1% Zurich -0,4%; bucking Madrid + 0,24%.
Wall Street contributes to the afternoon malaise, with the indices changing sign about an hour after the start of trading, going into red, after the 10 and XNUMX-year T-Bond curve inverted again, for the third time in eight days. Comments from two Federal Reserve members who are hostile to further rate cuts contributed to the mood swing. All on the eve of Jerome Powell's speech at the Jackson Hole symposium and in the dim light of the minutes of the last Fed meeting, with the various members of the board in disagreement with each other. Worth noting is Donald Trump's daily vitriolic joke, which compares the US central bank to quicksand, because it does not offer the United States the opportunity to fight on equal terms with Germany, which sells bonds at negative rates. The American president is referring to the thirtieth anniversary, which in reality has not had the success hoped for by the German administration.
Of a different tenor, compared to those of the Fed, are the minutes of the ECB of the meeting of 25 July, from which emerges a broad consensus among the governors on the need for a largely accommodating monetary policy, with a package of measures ranging from rate cuts to asset purchases.
A prospect that still supports Italian bonds today: the 1,32-year yield is down to XNUMX% and the spread narrows to 197 basis points (-1,97%). The attention of investors was certainly also directed to the Quirinale, on the second day of consultations after the government crisis opened on Tuesday by the resignation of Prime Minister Giuseppe Conte. It is not yet clear whether the newly betrothed, pd-5stelle, will be able to find an agreement, but at least the speed imposed by the Head of State limits the times of uncertainty. According to Moody's, the most probable scenario is the elections and in this political ups and downs the economic estimates for 2019-2020 are lower: respectively +0,2% compared to the +0,4% expected in June; +0,5% in 2020, three tenths less than the estimates of two months ago.
On the currency front, theeuro it remains weak against the dollar, but little moved in the 1,109 area. The pound, on the other hand, jumped by about 1% both against the single currency and against the greenback. The British currency is set by the hope of a new Brexit deal, after Angela Merkel said she had not set a 30-day deadline for the United Kingdom to find a solution to the so-called Irish 'backstop', saying there was it is time until 31 October, the date foreseen for the exit from the EU.
Commodities are in red. L'gold it moves around 1510,85 dollars an ounce. The Petroleum Brent type falls by 0,85% to 59,78 dollars a barrel; Wti -0,9%, 55,20 dollars a barrel.
Queen of Piazza Affari is confirmed Pirelli +2,67%. Banks have a ringside seat with Bpm bank +2,18%; Ubi +1,28%; Unicredit +1,27%; Understanding +1%; Mediobanca +0,76%. Asset management is still good today Finecobank +1,45%. Among the oil stocks are establishing themselves Tenaris +1,31% and Saipem + 0,55%.
Fashion recedes after recent advances with Moncler -2,14%. Sales on Leonardo -1,7%; Italgas -1,62%; Ferrari -1,41%; Atlantia -1,36%; Prysmian -1,19%; Exor -1,18%.
